The Dubai International Financial Court also made amendments to its Application Law
business3 days ago
Despite initial signs that price rises are slowing, retailers globally are still worried about inflation dampening consumer spending, according to a survey of retail decision-makers conducted by Boston Consulting Group.
In Europe, retailers are contending with slowing sales as consumers, squeezed by high energy bills, spend less on clothes and buy cheaper food.
Overall the rising cost of goods, declining consumer spending, and unpredictable supply chains were the top-ranked concerns for the 561 global retail executives, directors, and managers surveyed by BCG for a report published Tuesday as the World Retail Congress conference begins.
Passing higher costs on to shoppers is likely to become harder: 72 per cent of respondents said they expected consumers to be more price-sensitive this year.
“This limits the options retailers have to recover and combat high input costs, and it creates new difficulties that retailers must combat, such as shifting consumer behaviour towards specific products and customer segments,” BCG said in the report.
When buying groceries, for example, consumers in Britain have been prioritising affordability over other qualities, with negative knock-on impacts on nutrition.
As well as hiking prices and renegotiating with suppliers, retailers are having to get creative to keep shoppers coming back, with many investing in loyalty programmes, price promotions, and improvements to the online customer experience, the survey found.
The authors of the report said retailers should invest in artificial intelligence (AI) to hone their pricing and marketing strategies using algorithms and machine learning.
“Most retailers outside Asia are neglecting AI and missing out on the potential additional benefits it offers,” they said.
Asia was a bright spot in terms of retailers’ expectations, with 76 per cent of survey respondents expecting the region’s economy to grow this year after China’s reopening following lengthy Covid-19 lockdowns.
Retailers were more optimistic about North America than Europe, with 68 per cent predicting growth in the former and 54 per cent in the latter.
The Dubai International Financial Court also made amendments to its Application Law
business3 days ago
Adani Group denied the allegations as baseless, while Indian government officials haven't commented so far
business3 days ago
Global philanthropists call for stronger networks, governance, and data-driven impact measurement
business3 days ago
Nasdaq-listed MakeMyTrip emerges as the market leader in UAE’s OTA air landscape
business3 days ago
Self-reliant India Mission showing striking results in the defence sector
business3 days ago
Parte Gulfeh is dedicated to upholding historic Chivalric traditions
business3 days ago
Revenues in Q3 2024 reached $1.86 billion, up 6.1% year on year
business3 days ago
Roundtable provides gateway to bilateral investment in green-tech and creative industries
business4 days ago